Do you remember when the United States of America led the world in innovation? We had so much going for us. The airplane. The Internet. And Cotton Candy… Nowadays, however, all we have going is rising smog pollution, dark web criminals and cotton candy! That’s not totally okay for the USA. So why are we flailing? I’d say it’s because of our lack of working hard in the right priorities. You know who is, however? Our friends in China. Tesla may be always capable of turning heads, but in China lies the largest auto market around. This is thanks to the rise of popularity in electric vehicles. A part of a potential ecosystem including self-driving cars and ride-hailing. Practically, a notice that our big brother big brothering us, the USA, the original big brothers [of the Western Hemisphere.]
Tesla has made a factory in China just the year before and was hellbent to sell made-in-China models to the Europeans. By doing so, all the electric batteries are powered by Contemporary Amperex Technology (CATL) and BYD. Both of these energizing companies account for mightily. Probably for what appears to be a third of the whole world on electric squeals.
UBS states that in total, every major battery manufacturer is Asian-run.
The Race Between China And the USA
The Americans may have about 10 million jobs and a rational contribution factor to the Gross Domestic Product (3.5%), or they wouldn’t have a “China Task Force Report,” but China’s killing.
I mean, they have one-sixth of jobs and retail locked down. As recent as 2018, this has been 10%, according to the Ministry of Commerce. However, one way China has been moving forward in electric vehicle development is with the near hundred-fifty battery mega factories that have been popping up on a global scale. In other words, CATL shares have gone up to 110%! BYD, invested in by Warren Buffet, made it to 250%! These are major results and one can only hope that President-Elect Joe Biden will do more good than President-Reject Donald Trump has done more bad.